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Google圖書搜尋
The Sraffian Supermultiplier and Cycles
Michalis Nikiforos
Marcio Santetti
Rudiger Von Arnim
其他書名
Theory and Empirics
出版
Levy Economics Institute
, 2021
URL
http://books.google.com.hk/books?id=NcnLzgEACAAJ&hl=&source=gbs_api
註釋
This paper provides a theoretical and empirical reassessment of supermultiplier theory. First, we show that, as a result of the passive role it assigns to investment, the Sraffian supermultiplier (SSM) predicts that the rate of utilization leads the investment share in a dampened cycle or, equivalently, that a convergent cyclical motion in the utilization-investment share plane would be counterclockwise. Second, impulse response functions from standard recursive vector autoregressions (VAR) for postwar US samples strongly indicate that the investment share leads the rate of utilization, or that these cycles are clockwise. These results raise questions about the key mechanism underlying supermultiplier theory.
